Quintess, The Leading Residences of the World And Gencom Group Announce Partnership To Develop A "Resort Within A Resort" Enclave In West Caicos

Date: April 15, 2008

Luxury destination club Quintess, The Leading Residences of the World (LRW), and Miami-based international and domestic investment and development firm Gencom Group, announced today a joint partnership to develop a beachfront “resort within a resort” enclave in West Caicos, a private island in Turks & Caicos at the exclusive Molasses Reef, a Ritz-Carlton Reserve, a Gencom Group-owned property.

The partnership marks the beginning of a long-term relationship between Quintess, LRW and Gencom Group, developer of such luxury resorts as The Ritz-Carlton, Kapalua and The Ritz-Carlton, Rancho Mirage. Together they plan to create custom luxury homes within developments in existing and new vacation destinations around the globe. This represents the second enclave development for Quintess, LRW, following its first one in Los Cabos, Mexico.

"Our exclusive partnership on West Caicos is the first of many with Gencom that will give our members access to even more of the world’s finest vacation spots in total luxury," said Ben Addoms, Founder and EVP of Quintess, LRW. "We are excited to provide our members with an opportunity to be among the first to experience this Caribbean eco paradise." Molasses Reef is expected to open in early 2009 and the Quintess, LRW enclave is expected to open within the following year.

Andy Wimsatt, Managing Director of Gencom said: "Our $400 million West Caicos property will become the new standard in luxury vacation developments. With their excellent reputation and unparalleled level of luxury service, Quintess, LRW is the perfect partner for this and for future Gencom developments."

The Quintess, LRW West Caicos enclave will initially be five luxurious four-bedroom villas. Each villa offers more than 4,000 square feet under air and more than 5,600 square feet of private living space, all designed and decorated in a classic Caribbean plantation style. The villas will be situated on the beach, and each with 80 feet of ocean frontage. The club will add five additional villas based on member interest and feedback. As part of Quintess Enclave Services, members will have access to a Quintess Welcome Center, as well as to all the services of Molasses Reef, a Ritz-Carlton Reserve, including a fitness center and spa, concierge service, children’s program and three restaurants created by New York master chef Gray Kunz. West Caicos Island also features a natural wildlife sanctuary, two national parks and an array of archaeological and cultural sites.

Non-stop flights are available from Miami, New York, Atlanta, Boston, Charlotte and Dallas to the Turks & Caicos, which are located 575 miles south of Miami. After members land at Providenciales International Airport, they will be escorted to the marina by private Range Rover, taken by yacht for the 15-minute trip to the private island, and checked into their villa. Gencom Group is maintaining the untouched appearance of the island by limiting access to only helicopter, small plane or boat.

Once settled in, members will be able to enjoy the pristine beauty of Turks & Caicos, a chain of islands separated by a trench-like channel and home to one of the longest coral reefs in the world. Famous for its scuba diving and fishing, West Caicos also features velvety talcum beaches perfect for parasailing, kayaking, kite boarding and snorkeling. On the island itself, members can hike, go bird watching or horseback riding, or simply relax.

About Quintess, The Leading Residences of the World
Quintess, The Leading Residences of the World is a luxury destination club that creates amazing personalized vacation experiences for its members. Quintess, LRW provides its members with access to 70+ multimillion-dollar residences in 30+ international resort and city destinations, including Aspen, Los Cabos, Florence, Hawaii, Jackson Hole, London, Napa Valley, New York City, Paris and Tuscany, among countless others. With 425+ members, the club’s member-to-home ratio is six-to-one—one of the lowest in the industry. The company remains committed to financial transparency and full disclosure to its members and continues the practice of providing its members with third party audited financial statements. For more information, visit http://www.quintess.com/.

About Gencom Group
Founded in 1987 by Karim Alibhai, Gencom Group is one of the nation’s leading domestic and international investment and development firm specializing in the hospitality and residential real estate sectors. By aligning itself with prominent investors and institutional relationships, Gencom has maintained a strong market position in both luxury and mixed-use hotels and resorts with significant residential components, and in other hospitality-related investments that include both portfolios and single assets. The luxury and mixed-use projects, including Ritz-Carlton residences and hotels, represent a total investment when completed in excess of $6 billion. The firm continues to opportunistically grow its portfolio holdings in key resort and urban markets in the United States, Canada, Mexico, Caribbean and Europe. Gencom is headquartered in Miami with representative offices in Houston, the United States West Coast and London. For more information, visit http://www.gencomgrp.com/.